Moniepoint powers innovative payment solutions for Nigerian pharmacists

Business a.m.

MoniePoint Inc., a leading digital financial institution, has announced its commitment to empowering community pharmacists nationwide with innovative payment solutions to enhance access to essential medication. In addition, the microfinance bank revealed that it has extended loans to the Association of Community Pharmacists of Nigeria (ACPN), helping to bolster the organization’s efforts to improve healthcare access throughout the country.

In its most recent case study titled “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, Moniepoint Inc. reaffirmed its dedication to leveraging digital payment solutions in an effort to enhance healthcare outcomes across Nigeria.

The study, which was unveiled at the ACPN headquarters in Lagos, focused on the critical function played by community pharmacies in providing access to healthcare services in Nigeria, particularly in regions with limited hospital or clinic access.

In response to the study, Ambrose Igwekwam, the national chairman of ACPN, emphasized the critical role that community pharmacies have played in the nation’s healthcare system over the years.

Igwekwam, while recognising the integral role of community pharmacies in the nation’s healthcare system, raised serious concerns regarding the impediments hindering access to affordable medicine. He highlighted the pharmaceutical sector’s challenges, which include inadequate infrastructure, electricity supply, transportation, regulatory bottlenecks, importation reliance, and restricted research opportunities.

According to Igwekwam, effective partnerships with organizations like Moniepoint are vital to the pharmaceutical sector’s future strength and growth.

“There is also the African Continental Free Trade Area Agreement which is expected to boost our industry, especially when we start producing our drugs locally which will provide the much-needed foreign exchange from exports.

“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria,” he added.

According to Igwekwam, the ACPN plays a crucial role in Nigeria’s healthcare system as front-line workers.

He pointed out that with an average of 480,000 daily footfalls across more than 6,000 community pharmacies in the country, pharmacists serve as trusted healthcare providers within communities, offering valuable advice, counseling, and preventive care in addition to dispensing medications.

On his part, Benjamin Olowojebutu, the first national vice-president of the Nigerian Medical Association, provided valuable insight during the event. He stressed the significance of addressing the healthcare needs of the underprivileged and rural communities across Nigeria

Olowojebutu, in his commendation, praised the leadership of ACPN for its progressive partnership with Moniepoint in producing this insightful study. He highlighted the potential of the report in creating a pathway for Nigerians to understand how research can be used to attract funding for healthcare.